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The IRR of the Post-2019 group improves the most in Q3 but remains negative
- The IRR of the Post-2019 group improves the most in Q3 but remains in negative territory, displaying an equally weighted IRR of -2.64%.
- A majority of funds have value added and single country strategies.
- The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions
Data collection
The Global IRR Index is built on the data contributed by members, making it a critical benchmark for the non-listed real estate industry. By sharing your performance data, you play a key role in strengthening market transparency and enhancing the accuracy of our indices.
ANREV, INREV and NCREIF collect data directly from managers in accordance with their respective organisation’s data collection practices.
- Asia Pacific data are collected as part of the ANREV IRR Quarterly Index.
- European data are collected as part of the INREV IRR Quarterly Index.
- US data are collected as part of the NCREIF CEVA Index.
Data on global strategy funds are collected in addition to the above-mentioned indices by all organisations.
How to provide data
For each fund, click on "+Add financial period data", provide the required information for the quarter and sign off the data once you are satisfied with its accuracy. Eligible vehicles may be included in the INREV Vehicle Universe, INREV Index, German Vehicles Index, European ODCE Index or INREV IRR Index.
Data validation
Data validation is carried out in a three-step process:
- Systems based validation – the system uses rules-based algorithm to validate data
- Member approval – the member needs to approve information before submission to INREV
- INREV verification – the INREV team verifies information before inclusion to the database
Data confidentiality
INREV will not disclose or share any fund level data provided by any company without the explicit approval of that company. INREV will only use data provided by any company in a composite where the vehicle and manager are not identifiable. For any questions or updates, contact research@inrev.org.
General Questions
What is the Global IRR Index?
The Global IRR Quarterly Index measures since inception internal rate of return performance of institutional closed end non-listed real estate funds with non-core manager defined strategy, value added and opportunity, on a quarterly basis. Performance is measured net of fees and other costs, and represents the aggregate investor return.
The Global IRR Index is computed on an equally weighted basis (arithmetic mean).
Do you have to be an INREV member to be part of the index?
To contribute data to ANREV or INREV you do not need to be a member of either organisation. To contribute data to NCREIF, you need to be a member of NCREIF. The Global IRR publication is only available to members of ANREV, INREV or NCREIF and is accessible on the respective organisation’s website.
Can we see the individual fund performance data available on your platform?
No, performance data is only available in aggregate format. Individual fund performance data is never disclosed and is not accessible by any external party.
Who can join the Global IRR Index?
- To join the ANREV Index please contact Daisy Huang
- To join the INREV Index please contact Bert Teuben
- To join the NCREIF Indices please contact Dan Dierking
Index specifications
What are the criteria for Global IRR Index inclusion?
The Global IRR Index includes the following assets:
| INREV | ANREV | NCREIF | |
| Manager defined strategy | Value added; Opportunity | Value added; Opportunity | Value added |
| Fund investment targets | Asia Pacific, with at least 75% of GAV invested in Asian Pacific real estate | Europe, with >90% of GAV invested in European real estate | US, with at least 75% of GAV invested in US real estate |
| Institutional capital requirement | Real estate funds accessible to institutional investors. Funds which also have retail investors should target at least a 50% institutional holdings | Real estate funds accessible to institutional investors. Funds which also have retail investors should target at least a 50% institutional holdings | Commingled fund that is operated predominantly for US institutional investors |
| Number of target investors | At least three institutional investors in the fund | At least three institutional investors in the fund | n.a. |
| Leverage | n.a. | n.a. | No more than 75% leverage as defined in the fund documents |
| Reporting criteria | INREV are encouraging members to provide data in compliance to INREV Performance Measurement guidelines. | ANREV are encouraging members to provide data in compliance to INREV Performance Measurement guidelines. | Members of NCREIF are required to deliver data in accordance to the NCREIF / PREA Reporting Standards Handbook Volume I and Volume II. |
Is the index frozen or unfrozen?
The Global IRR Quarterly Index is unfrozen, which means that historical data can change with future updates.
Can this index be used for derivatives?
The INREV Index cannot be used for derivatives, due to the Benchmarks Regulation (BMR) which entered into effect on 1 January 2018.
What type of data are the index results based on?
The Index results are based on fund level data that is provided to INREV, ANREV and NCREIF directly by fund managers.
The Quarterly Index includes only quarterly valued funds.
What happens when a member stops contributing data, would their fund data remain in the index?
When a member stops contributing their data to the Index, this data will remain in the Index ending at the last date of contribution. The historical data will be kept in the index to ensure continuity.
What is the frequency of data reported in this index?
Global IRR Quarterly Index includes funds that are reported on a quarterly basis.
What are the confidentiality rules for this index?
Performance is shown only when the sample size meets the minimum threshold of 6 funds for a composite and a minimum of 8 funds to display quartiles and standard deviation metrics.
For individual publications please refer to the following links:
What is done regarding currency conversion when calculating returns?
To calculate aggregate returns, a local currency methodology is used. This means that all funds level indices do not take currency fluctuations into account.
How is data collected?
ANREV, INREV and NCREIF collect data directly from managers in accordance with their respective organisation’s data collection practices.
- Fund managers with a fund investing in APAC, please contact Daisy Huang
- Fund managers with a fund investing in Europe, please contact Bert Teuben
- Fund managers with a fund investing in US, please contact Dan Diering
- Fund managers with a global strategy fund can contact the partner organisation of the fund domicile.
When should we provide and update the data?
Quarterly data collection starts immediately after a quarter has ended. Please visit the partner organisations’ website for more information on deadlines.
When was the Index launched and when does the data date back to?
The Index was launched in 2020 and is now published 13 weeks after quarter end, except for the Q4 index which is published 14 weeks after quarter end.
Are the IRRs quoted on a net or gross basis?
In the Global IRR Quarterly Index, the IRRs are quoted on a net basis.
What currency is required for data submission?
Financial data for the funds need to be reported in the reporting currency of the fund.
Latest publications and downloads
Global Internal Rate of Return (IRR) Quarterly Index
Last updated on 05 Mar 2025
The first Global IRR Index provides data on the performance of value added and opportunity strategy closed end non-listed real estate funds in Asia Pacific, Europe and the US.
INREV Index Guide 2019
Last updated on 21 Feb 2025
This guide provides a detailed overview of INREV’s suite of indices and their specific characteristics.